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Noah and the Ark
Housing has not fallen 81% yet to reflect HGX or clear bad debts. Government bailouts may only delay the inevitable.
A reflex rally to a 10,750 Dow or 138 HGX would not new bull market highs make.
Recall, new highs are the surest sign our buys are on the right track. There are painfully few new highs now. They are telling us where the money is made.
Meanwhile, aspiring heroes repeatedly tried to call the Dow bottom the past annus horribilis, with 10 October and 21 November the best intermediate calls so far. We doubt we have seen the final bottom.
Cramer and company on TheStreet.com and CNBC Mad Money turned bearish or bullish on alternate days, called multiple bottoms, predicted five years of market risk and bought dividend stocks which rally a few days then peter off. Most can’t afford the angst, costs, slippage, taxes and time for in and out trading. Perhaps some unemployed are turning into a nation of Day Traders.
Ten time All-American Thirty Year Morgan Stanley Institutional Investor turned Traxis Partners Hedge Fund Manager Barton Biggs made a few public S&P 500 bottom calls with Bloomberg and CNBC in March, June and September of 2008.
http://seekingalpha.com/article/94332-barton-biggs-talk
With 25,000 clients and $50 Billion under management, Forbes 400 Ken Fisher remained bullish in 2008, losing $20 Billion.
http://www.forbes.com/business/forbes/2008/0901/110.html
Today a prominent Wall Street Market Maker and former Chairman of the NASDAQ Stock Market went to jail for running and disappearing a $50 Billion investment Ponzi pyramid.
http://www.cnbc.com/id/28182873
What happens if people decide the US Government is running a Ponzi scheme with the Social Security Trust, Medicare and other third rails?
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